About ASEAN-KOREA FTA

Overview

Korea is the second Dialogue Partner with whom ASEAN has forged a free trade agreement. In 2005, ASEAN and Korea signed the Framework Agreement on Comprehensive Economic Cooperation (Framework Agreement), and subsequently, signed four (4) more agreements that form the legal instruments for establishing the ASEAN-Korea Free Trade Area (AKFTA).

The establishment of the AKFTA creates an opportunity for the 670 million people of ASEAN and Korea with a combined GDP of USD 2.9 trillion through a more liberal, facilitative market access, and investment regimes among the Parties of the AKFTA.

Seven Important Facts of ASEAN-Korea Economic Relations

ASEAN and Korea first initiated sectoral Dialogue relations in 1989 and Korea became full Dialogue Partner of ASEAN in 1991

ASEAN and Korea maintain close political cooperation on bilateral, regional, and international issues through existing mechanisms such as, among others, the ASEAN Regional Forum (ARF), ASEAN Plus Three (APT), East-Asia Summit (EAS), ASEAN-ROK Summit, and Ministerial Meetings

ASEAN and Korea are also members of organizations such as the Asia-Pacific Economic Cooperation (APEC), East Asia-Latin America Cooperation (EALAF) and the Asia-Europe Meeting (AEM)

Parties

Entry into Force

Three major Agreements under the ASEAN-Korea FTA have been entered into force and implemented by ASEAN andKorea.

The ASEAN-Korea Trade in Goods Agreement entered into force in June 2007

The ASEAN-Korea Trade in Services Agreement entered into force in May 2009

The ASEAN-Korea Investment Agreement entered into force in June 2009

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